UPDATE: ISI Raises Taubman Centers' PT

According to a research report published this morning, ISI has increased Taubman Centers' TCO PT from $75 to $82. In the report, ISI commented, "Taubman reported 1Q12 FFO of $0.75 which was $0.04 ahead of our estimate and the Street consensus. NOI basically blew past our estimate, beating us by $0.06 while higher-than-expected management expenses of $0.02 partially offset the stronger NOI. We're sure investors will question certain line items in the quarter including: 1) operating expenses were well below expectations, 2) how did the recovery ratio increase 8% Y/Y, and 3) what is the proper run rate for net management fee income going forward." ISI maintains its Buy rating on Taubman, which is currently trading at $77.73.